Commercial banks in the United Arab Emirates plan to ask the central bank to delay and soften new rules placing caps on mortgage loans for residential housing, banking industry sources said on Sunday.

A central bank circular last week said mortgage loans for foreign individuals should not exceed 50 percent of the property value for a first purchase of a home, and 40 percent for second and subsequent homes. The caps for UAE citizens were set at 70 percent and 60 percent.

Carrier Air Arabia slips 0.6 percent, while contractor Arabtec extends gains after winning a US$653m Louvre project on Tuesday. Its share are up 1.2 percent.